For today’s home-buyer it’s plain to see the immense value that a thorough real estate title examination brings. The greater economic challenges of the last few years has trickled into the real estate transactions of today by way of what we call “clouds on title”. And lately the clouds have been plentiful. Not to worry, however! Identifying potential “red flags” on a title report early in the process can save time in the long run and help set proper expectations for everyone involved in the real estate transaction.
A familiar story…
Our friend Rick the Realtor was happy to find his buyers the perfect home. Their offer had been accepted, and next, he expected to review the sellers Title Report. Everything looked great until Rick saw a recorded Notice of Trustee’s Sale.
Terms such as “Notice of Trustee’s Sale” are what we would refer to as a Red Flag. And sometimes they can slow down an otherwise smooth transaction. Some attention may need to be paid to these.
Thanks to being aware of Red Flags, Rick the Realtor knew that some fact finding would help settle whether or not the Notice of Trustee’s Sale that he saw was really an issue.
At Ticor, we’re always glad to help you understand what these terms mean. And, most importantly, we’ll work closely with you, to help address and resolve these matters early in the course of the transaction.
16 Examples of Red Flags to be aware of: